The Orthopedic Software Market, valued at USD 392.74 Million in 2023, is expected to reach USD 732.35 Million by 2031. This signifies a projected compound annual growth rate (CAGR) of 8.1% throughout the forecast period from 2024 to 2031.
The orthopedic software market is anticipated to witness significant growth in the coming years, fueled by a surge in orthopedic problems and injuries, a rising geriatric population, and advancements in healthcare technology. This growth will be further bolstered by the increasing adoption of minimally invasive surgeries and growing research and development activities.
List of Orthopedic Software Companies Profiled in Report:
- Advanced Biologics, LLC
- Brainlab AG
- Clinicea
- CureMD Healthcare
- Exscribe Orthopaedic Healthcare Solutions
- GE Healthcare
- Greenway Health
- Healthfusion Inc.
- IBM Watson Health.
- Materialise NV
- Mckesson Corporation
- Medstrat, Inc.
- Merge Healthcare Incorporated
- NextGen Healthcare LLC
- Philips Healthcare
- Quality Systems, Inc.
- Response Ortho
- The Ohio Willow Wood Company
- Vorum Research Corp
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Addressing Growing Orthopedic Needs
Rising Orthopedic Issues: The growing prevalence of orthopedic problems and injuries is a key driver. For instance, a June 2022 National Natural Science Foundation of China (NSFC) article reported a higher prevalence of knee osteoarthritis in females compared to males in China. Additionally, a September 2022 study from Bangladesh observed an increase in self-reported joint pain or osteoarthritis, from 45.3% in 2020 to 54.7% in 2021. This growing burden of orthopedic disorders necessitates smart software for anatomical assessment, preoperative planning, and measurements, ultimately leading to optimal surgical outcomes. This, in turn, fuels market expansion.
Expanding Geriatric Population:
The growing geriatric population worldwide is expected to lead to a rise in age-related orthopedic diseases such as arthritis and osteoporosis. As per a February 2021 PLOS One article, nearly 50% of the elderly population aged 60 and above suffers from osteoarthritis, limiting mobility and causing pain and stiffness. The UN projects the number of people aged 65 or above to more than double globally by 2050, reaching 1.5 billion from 727 million in 2020. This surge in the aging population translates to a rise in orthopedic issues and hospital visits, consequently increasing the demand for advanced software for accurate diagnoses and surgeries.
Growing public awareness regarding osteoporosis and other orthopedic conditions is anticipated to fuel the demand for orthopedic EHR, templating, and preoperative planning software. For instance, the International Osteoporosis Foundation (IOF) works towards raising awareness of osteoporosis care in Europe. As per a 2021 IOF report, over 23 million men and women in the European Union are at high risk of osteoporotic fractures.
Innovation and New Product Launches:
The ongoing focus of companies on launching new software and cloud-based solutions is another growth driver. Examples include OrthoGrid Systems Inc.’s launch of the OrthoGrid Trauma Application in August 2021 and Ortoma AB’s launch of the AI-powered software platform OTS 5 in January 2021 designed to enhance surgical accuracy.
Recent Developments in the Orthopedic Software Market
September 2022: Stryker launched the Q Guidance System, specifically designed for spine applications. This system offers enhanced surgical planning and navigation capabilities through a combination of cutting-edge algorithms and a redesigned camera with improved optical tracking options.
July 2022: Midwest Orthopaedic Center announced the implementation of an EHR system from eClinicalWorks, a leading health IT vendor. This move is expected to streamline workflows, improve clinician efficiency, and enhance patient care. The center also plans to leverage eClinicalWorks’ Revenue Cycle Management solution to optimize financial performance, increase price transparency, improve collection rates, and gain real-time insights through data analytics dashboards.
Key Market Segmentation:
By Type of Product
- Orthopedic Picture Archiving and Communication Systems (PACS)
- Digital templating/Pre-operative Planning software
- Orthopedic Electronic health records
- Orthopedic Revenue Cycle Management (RCM)
- Orthopedic Practice management
By Mode of Delivery
- On-premises software
- Cloud-based software
By Application
- Joint Replacement
- Pediatric Assessment
- Fracture Management
By End Users
- Hospitals
- Ambulatory Care centers
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Orthopedic EHR Leads the Market
The Orthopedic Electronic Health Record (EHR) segment is expected to dominate the orthopedic software market throughout the forecast period. The implementation of the Health Information Technology for Economic and Clinical Health (HITECH) Act has significantly boosted EHR adoption across healthcare sectors. Patient-centered care necessitates readily available patient outcome information, which EHR systems effectively provide. This trend is anticipated to propel the adoption of EHR systems in orthopedic centers and clinics, further fueling market growth.
Key Regional Developments: North America Dominates
- North America is expected to hold a significant market share in the orthopedic software market throughout the forecast period.
- High Prevalence of Orthopedic Disorders: North America has a high prevalence of orthopedic conditions, with millions of new cases diagnosed each year. This necessitates the adoption of advanced orthopedic software solutions for efficient disease management.
- Well-Developed Healthcare Infrastructure: The region boasts a well-developed healthcare infrastructure with hospitals and clinics equipped with sophisticated technologies, including orthopedic software solutions. This infrastructure provides a strong foundation for further market growth.
- Government Initiatives: Governments in North America are actively promoting research and development in the healthcare sector, including advancements in orthopedic software. Additionally, they may implement policies that encourage the adoption of these technologies, further propelling market growth.
- Strong Presence of Key Players: Several leading orthopedic software vendors are headquartered in North America, fostering continuous innovation and market expansion. These companies play a pivotal role in driving the development and adoption of advanced orthopedic software solutions.
Key Takeaways from the Orthopedic Software Market Study
- Gain insights into the historical market size, projected growth trajectory, and key factors driving and hindering market expansion.
- Understand the dominant segments within the market, including product types, applications, and end-user categories, along with their respective growth potentials.
- Identify the key players in the market, their product portfolios, recent developments, and competitive strategies.
- Gain insights into the growth potential of different geographical regions within the orthopedic software market, including North America, Europe, Asia-Pacific, and the Rest of the World.
- Identify lucrative investment opportunities within the orthopedic software market, including emerging technologies, untapped markets, and unmet clinical needs.
- Understand the potential impact of various factors such as technological advancements, regulatory changes, and economic fluctuations on the orthopedic software market.
- This report provides valuable recommendations for stakeholders in the orthopedic software market, including healthcare providers, software vendors, and investors. These recommendations can help them develop effective strategies to capitalize on growth opportunities and navigate potential challenges.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Orthopedic Software Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Orthopedic Software Market Segmentation, By Type of Product
Chapter 9 Orthopedic Software Market Segmentation, By Mode of Delivery
Chapter 10 Orthopedic Software Market Segmentation, By Application
Chapter 11 Orthopedic Software Market Segmentation, By End Users
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
Continued…
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